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it looks like one of the rxpert said its not completed but this is all the info that i have and its complete. please answer

it looks like one of the rxpert said its not completed but this is all the info that i have and its complete. please answer all the questions, they all connected to each other. image text in transcribed
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Mastery Problem: Analyzing Transa KL Company Taccounts Transactions Tral Balance: Unequal Totals Trial Balance: Correct Errors in Trial Balance KL Company Katie Long owns and operates KL Company Transactions for the month of March have been posted to the accounts An intern has prepared a trial balance from the Taccounts but there seem to be Required: 1. In the Transactions panel scriptions of the transactions for the month of March are provided Each of the transactions in the Transactions panel has been posted to the accounts Referring to the accounts, select the date on which each transaction occurred aster the amount of the transaction, and select the account to debit and credit 2 The trial balance prepared by the intern can be found in the Trial Balance: Uneque Toats p el The nem is puzzled by the unequal totals. Prepare a corrected trial balance on the Thal Balance Correct panel 3. Compare the balance prepared by the internal Balance. Unequal Tofats) to the balance that you p wed (The Balance Correct) Use the table provided in the Errors in Trial Balance panel to select the accounts for each type of error The intern is puzzled and asks "Are you sure the accounting equation is in balance ?" Using the corrected balance you prepared prove that the accounting equation is in balance Shpuzzled, the intem asks "Why do none of the amounts in the accounting equation e w the totals on the trial balance ? Explain Cash 3/1 17,600.00 3/3 2,600.00 3/25 7,800.00 3/27 1,200.00 3/30 7,900.00 3/29 3.575.00 3/31 1,850.00 Accounts Receivable 3/18 10,100.00 3/30 7,900.00 KL Company T accounts Supplies counts 3/7 1,500.00 the tran Equipment nsactio 3/2 17,000.00 ern is pu you pre Accounts Payable 1,200.00 3/27 1,500.00 cted tria the accc Notes Payable 17,000.00 Katie Long, Capital 17,600.00 Katie Long, Drawing 3/31 1,850.00 Fees Earned 3/18 10,100.00 3/25 7,800.00 Rent Expense Rent Expense 3/3 2,600.00 Wages Expense 3/29 3,575.00 Mastery Problem: Analyzing Transactions Transactions Trial Balance: Correct Errors in Trial Balance KL Company T accounts Transactions Descriptions of the transactions for the month of March we provided in the following the Each of the transactions has been posted to the accounts Referring to the account select the date on which each transaction curred enter the amount of the transaction and select the account debt and credit Amount Debit Credit Transaction Katie Long, owner of KL Co. Contributed cash to the business Purchased equipment, giving a note payable for the purchase price Paid rent for April Purchased supplies on account Recorded seamed on account Received cash for lees earned Padronaccount Pardwages Received cash from customers on account Recorded owner's withdrawal Check My Work 7 more Check My Work uses remaining Trial Balance: Correct KL Company UNADJUSTED TRIAL BALANCE March 31, 2018 ACCOUNT TITLE DEBIT CREDIT Cash 2 Accounts Receivable 3 Supplies Equipment s Accounts Payable 6 Notes Payable 7 Katie Long, Capital 8 Katie Long, Drawing 9 Fees Eamed 10 Rent Expense 11 Wages Expense 12 Totals Errors in Trial Balance to the balance that you prepoved (w Balance Correct the following table select the accounts for each bped Compare the trial balance prepared by the wen (Tror Balance: Unequal to error Not all accounts contain errors Notes Accounts Receivable Accounts Payable Katie Long. Capital Katie Long Drawing Fees Eamed Rent Expense Wages Expense Error Type Cash Supplies Payable Equipment Transposition Incorrectly reported as a debit Incorrectly reported as a credite Balance computed incorrectly The intern is puzzled and asks "Are you sure the accounting equations in balance Using the corrected the balance you prepared prove that the accounting equationsb e Assets Liabilities Owner's Equity + $ S pure, the We asks "Why do none of the amounts in the courting equation equal the tools on the r a ce? Check of that apply The accounts with debit balances are not all classified in the same element of the accounting equation For example, not accounts with debt balances we assets This is because the revenue and expense accounts are part of the owner's equity element. The accounts with debit balances should be part of the total assets The accounts that make up the total for owner's equity have a mix of debit and credit balances The accounts with credit balances are not all classified in the same element of the accounting equation For example, not accounts with credit balances are l ies You point out the total of the assets, liabilities and owner's equity is equal to the sum of the debt and credit totals in the trial balance

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